Southern Peaks Mining is a Peruvian copper company that operates Condestable, the 2nd largest underground mine in Peru, and is developing Ariana, a low-cost Peruvian copper project. (Image courtesy of Southern Peaks Mining)
LIMA, Peru, Mar. 5, 2024 (Korea Bizwire) — Southern Peaks Mining LP is pleased to advise that an international arbitration tribunal has ordered Urion Mining International B.V. (“Urion”) to pay its subsidiary, Ariana Management Corporation, S.A.C. (“Ariana”) an amount of US$ 42,500,000, plus interest, as a result of breaches to the 14 June 2013 Sale and Purchase Agreement entered into between Ariana and Urion concerning the acquisition of the Condestable mine (“SPA”). As per the terms and conditions of the SPA, Trafigura Beheer B.V. is jointly and severally liable for the payment obligation, including interest.
In 2021, Ariana referred its SPA dispute with Urion to international arbitration at the Chamber of Commerce of Lima. The dispute arose out of breaches of certain tax related representations and warranties and Urion’s duty to indemnify Ariana.
On 29 February 2024, the Arbitral Tribunal issued its award confirming that Urion had breached its contractual obligations and ruled that Urion has to pay Ariana US$ 42,500,000, plus interest. Under the terms of the SPA, no appeal is admissible.
Southern Peaks Mining LP’s CEO, Mr. Adolfo Vera, commented on the Tribunal’s decision:
“We are pleased that the Tribunal granted a proportion of our claims. With the assistance of our counsel team from Clifford Chance DC, we have achieved a satisfactory outcome and look forward to receiving prompt payment.”
For further information contact:
Adolfo Vera - Chief Executive Officer
Email: Adolfo.Vera@spm.pe
Source: Southern Peaks Mining via GLOBE NEWSWIRE
